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Updated almost 5 years ago,
Which city do you recommend for investing (list of 8 cities)
Hi BP. I've been researching cities to do my first investment property and have narrowed down my list:
Top picks: Indianapolis, Kansas City, Cleveland, St. Louis.
Second choices: Memphis, Nashville, Cincinnati
Wild card: Des Moines, Philadelphia
Investment plan: Single family home (or small duplex) for a buy and hold. Will be working with two partners on this first purchase and our goal is to buy 1-2 in the first year and scale up from there. We would prefer to invest in one city over the long term, but aren't opposed to branching out to a second or third city as we grow.
First purchase: Our purchase price target is 50k to 75k, traditional mortgage or hard money lender with 20% down. 2-3 bedroom property with 1-2 bathrooms, 750-1100 sq. ft. is most likely what we will get at that price.
Question: If you invest in or know the cities in my lists, which is best and which would you avoid? What might we not know about these cities being that we are from LA? (Yes, snow and rough weather is expected).
(We have worked through the logistics of investing together, etc. so the focus of this post is locations). Thanks!